Activity levels during September were again strong following
three solid months of sales.

We are experiencing a turnover of property that is steadily
draining our stock levels. In some areas of the market place this
is starting to result in a shortage of certain types of property
in particular price ranges. This is the first time in 36 months
we have begun to experience this. In my view it is the beginning
of an upward property cycle. While we have seen an increase in
turnover, prices remain at reviewed levels; although the property
market can turn around quickly it is likely it will take 12
months to see significant price increases.

We have seen further evidence of the intensity of buyer's
activity moving up the price scale into the higher $2 million to
$3 million ranges.

Sales over $3 million remain elusive. Several allotments on Noosa
Sound worth $3 Million at the peak of the market are receiving
interest at recent auctions just under $2.4 Million.

We have finally secured some fantastic opportunities in Little
Cove. Very hard to secure spacious luxury apartments with views
(which are a rarity in that area), lower priced apartments ripe
for renovation and some prime residential redevelopment sites
with well, the best views imaginable.

If you're thinking of upgrading to a better position now is the
time. You will sell for less but you will be paying less and the
overall costs of the exchange are all reduced.

If you would like to discuss your options feel free to contact me
confidentially.